CEPU in talks with lenders for La Genoveva I wind financing
Central Puerto (CEPU) is negotiating a 13-year loan with the IFC, and a short term working capital facility with Banco Galicia, for its $105 million 86.6MW La Genoveva I wind project. CEPU won the concession in Argentina’s RenovAr 2 auction in late 2017 with a tariff of $40.9/MWh on a 20-year power purchase agreement with CAMMESA.
The financing will mirror previous CEPU deals for the 99MW La Castellana and 48MW Achiras I wind projects, and will be funded on a 70/30 debt-to-equity ratio.
With both projects nearing completion, CEPU also recently received the first disbursements from the IDB and IFC of $80 million for the La Castellana project and $50.7 million for Achiras I.
CEPU closed the $119 million debt financing backing the 100.8MW La Castellana wind project in November 2017. The deal, led by the IFC, comprises a $37 million IFC A loan, a $27 million facility from the IFC’s Managed Co-Lending Portfolio Program (MCPP), $36 million from the Inter-American Development Bank (IDB), and a VAT facility of $19 million-equivalent locally denominated VAT facility from Banco Galicia. The IFC is providing an interest rate swap to partially hedge the senior debt.
The smaller Achiras 1 wind financing comprises $50.7 million of 15-year debt split between a $20 million loan from IDB Invest, $20.7 million from the IFC and $10 million from the Canadian Climate Fund for the Private Sector of the Americas (C2F), managed by IDB Invest.
